This is how brain-dead the crypto industry still is: It costs roughly $30M per year to keep developing Ethereum L1, which is effectively becoming the settlement layer for the internet of finance. Bitcoin’s PoW burns through roughly the same amount of money every single day. One funds open-source global financial infrastructure backed by the most sound digital store of value in the world. The other pays for an energy-intensive security model attached to an asset that is structurally and economically inferior as a store of value, not useful for real-world finance, and increasingly hard to justify based on Bitcoin’s own fee and security-budget metrics. This is the quiet part said out loud, the thing talking heads in this space will not dare to say, but should, because it is the truth.